Grant Park Fund Product Summary Class 2 by Grant Park Fund

Legacy 2 and Global 2 Classes

Why Grant Park Fund? Grant Park Fund History  Continuous operations since our founding in 1989  O ver $830M in assets under management as of 12/09  Our track record reflects a wide range of market cycles

Why Managed Futures?  Managed futures may increase diversification when added to a traditional portfolio Investment in an asset class designed to have a low correlation to  traditional investments Ability to go long or short in any market traded   Exposure to broad, global markets  Seeks gains in any market environment Representative Market Exposure Ags/Softs Currencies Energy

14% 23% 8%

Equity Indices Fixed Income Metals

20% 18% 17%

How Grant Park Fund Works: Dynamic Exposure Across Multiple Sectors

Class A Units are closed to new investment. All performance reported is net of fees and expenses. New investors are expected to invest in the Legacy or Global units, which have lower fees and expenses. 2 It is not possible to directly invest in an index.

Risk disclosure  Performance can be volatile and you could lose all or substantially all of your

investment in the Grant Park Fund.  No secondary market exists for Grant Park. Additionally, redemptions are prohibited for three months following subscription and may result in early redemption fees during the first year for some units.  Trading in the futures markets, from a macro perspective, results in a zero-sum economic outcome, in that every gain is offset by an equal and opposite loss. Grant Park therefore bears the risk that, on every trade, whether long or short, it will incur the loss.  An investment in Grant Park is speculative and leveraged; as a result of this leverage, the velocity of potential losses may accelerate and cause you to incur significant losses.

 Commodity futures trading may be illiquid.  Grant Park pays substantial fees and expenses, including fees to its trading advisors, which must be offset by trading profits and interest income.

 Grant Park invests in foreign securities, which are subject to special risks, such as currency fluctuations, different financial and regulatory standards, and political instability.  Grant Park’s use of multiple trading advisors may result in Grant Park taking offsetting trading positions, thereby incurring additional expenses with no net change in holdings.  You will have no right to participate in the management of Grant Park.  The structure and operation of Grant Park involves several conflicts of interest.  Your annual tax liability may exceed cash distributions to you.

THIS IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY THE SECURITIES DESCRIBED HEREIN. AN OFFERING IS MADE ONLY BY THE PROSPECTUS. THIS SALES AND ADVERTISING LITERATURE MUST BE READ IN CONJUNCTION WITH THE PROSPECTUS IN ORDER TO UNDERSTAND FULLY ALL OF THE IMPLICATIONS AND RISKS OF THE OFFERING OF SECURITIES TO WHICH IT RELATES. A COPY OF THE PROSPECTUS MUST BE MADE AVAILABLE TO YOU IN CONNECTION WITH THIS OFFERING. ALL CHARTS AND TABLES ARE PREPARED BY DEARBORN CAPITAL MANAGEMENT, LLC. PERFORMANCE IS REPORTED NET OF FEES AND EXPENSES. INVESTMENT IN THE GRANT PARK FUTURES FUND IS OFFERED BY PROSPECTUS ONLY. FINANCIAL ADVISORS SHOULD REMIND PROSPECTIVE CLIENTS TO READ THE PROSPECTUS CAREFULLY BEFORE INVESTING. THE DATA IN THIS LITERATURE IS THROUGH DECEMBER, 2009. MORE RECENT DATA MAY YIELD DIFFERENT RESULTS. THE INFORMATION IN THIS DOCUMENT IS VALID ONLY AS OF THE DATE HEREOF AND MAY BE CHANGED WITHOUT NOTICE. THIS COMMUNICATION IS CONFIDENTIAL AND IS INTENDED SOLELY FOR THE INFORMATION OF THE PERSON TO WHOM IT HAS BEEN DELIVERED. Past performance is not indicative of future results. Futures trading involves a high degree of risk and is not suitable for all investors. See the related risk disclosure.

Historical Non-Correlation Grant Park Fund vs. S&P 500 Index During Worst Months

Worst Peak to Valley Drawdown

Index Comparison

Correlation Analysis – Class A Units1 and S&P 500 Index2

(January 2000 - December 2009)

January 2000 - December 2009

(January 2000 - December 2009)

Correlation

Grant Park Fund Class A Units1 CASAM CISDM CTA Asset Weighted Index2 Barclays Capital U.S. Aggregate Bond Index2 HFRI Fund Weighted Composite Index2 MSCI EAFE Index2

+1.00 +0.91 +0.20 +0.11 +0.02

S&P 500 Index2

-0.12

NASDAQ Composite Index2

-0.13

January 2000 - December 2009 Moved in Opposite Directions

49% 59 of 120 months

Positive Results for Both

31% 37 of 120 months

Negative Results for Both

20% 24 of 120 months

Statistics Since Inception – Class A Units1 January 1989 - December 2009 Total Fund Assets (A,B, Legacy, Global) 1-Year Return 3-Year Compounded Annualized ROR 5-Year Compounded Annualized ROR 10-Year Compounded Annualized ROR

$831M -9.2% 7.0% 5.3% 7.0%

Worst Drawdown Since Inception (5/89 - 10/89)

-38.9%

Average 1-month Gain # of Winning Months Sharpe (3% was used as the risk free rate)

6.8% 134 0.5

Compounded Annualized ROR Average 1-Year Return 3-Year Cumulative Return 5-Year Cumulative Return

14.9% 19.9% 22.6% 29.2%

Worst Drawdown Last 5 Years (4/06 - 3/07)

-11.4%

Average 1-month Loss # of Losing Months Sortino (3.5% was used as the targeted rate of return)

-4.5% 118 0.7

Grant Park Fund vs. S&P 500 Index (January 1989 - December 2009) During 5 Best Quarters # 1 2 3 4 5 1

Quarter Ended Dec 98 Jun 97 Jun 09 Sep 09 Jun 03

During 5 Worst Quarters S&P 500 Index 21.3% 17.5% 15.9% 15.6% 15.4%

Grant Park - Class A Units -5.8% -9.0% -3.5% 1.0% 11.1%

# 1 2 3 4 5

Quarter Ended Dec 08 Sep 02 Sep 01 Sep 90 Jun 02

S&P 500 Index2 -22.0% -17.3% -14.7% -13.8% -13.4%

Grant Park - Class A Units1 8.8% 11.4% 6.8% 63.6% 12.2%

CASAM CISDM Commodity Trading Advisor Asset Weighted Index: A dollar weighted index named after the University of Massachusetts Center for International Securities and Derivatives Markets that includes the performance of commodity trading advisors that have the objective of speculative trading profits. The CASAM CISDM Index is utilized as a broad measure of overall managed futures returns, as compared to other indices that measure the overall returns of stocks and bonds as separate asset classes. The CASAM CISDM Index is not the same as an investment in Grant Park as it is more broadly diversified across a much greater number of trading programs. Furthermore, Grant Park may perform quite differently than the CASAM CISDM Index, just as, for example, an individual stock may perform quite differently from the S&P 500 Index.

The following equity indices are all unleveraged, long-only passive indices. They differ significantly from Grant Park in that they do not employ leverage, do not trade actively or sell short:

Barclays Capital U.S. Aggregate Bond Index: An index that covers the USD-denominated, investmentgrade, fixed-rate, taxable bond market of SEC-registered securities. The index includes bonds from the Treasury, Government-Related, Corporate, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS, and CMBS sectors. The U.S. Aggregate Index is a component of the U.S. Universal Index in its entirety. The index was created in 1986, with index history backfilled to January 1, 1976.

NASDAQ Composite Index: An index that measures all NASDAQ domestic and non-U.S. based common stocks listed on the NASDAQ Stock Market (currently over 3,000 companies). The index is market-value weighted. This means that each company’s stock affects the index in proportion to its market value. The market value, the last sale price multiplied by total shares outstanding, is calculated throughout the trading day, and is related to the total value of the index.

HFRI Fund Weighted Composite Index: The Hedge Fund Research Institutes Hedge Fund Weighted Composite index is an internationally-recognized benchmark comprised of over 2000 funds from the internal HFR Database. HFRI Fund Weighted Composite Index is an equal-weighted return of all funds in the HFR Monthly Indices, excluding HFRI Fund of Funds Index. This is a broad based index comprising a wide variety of hedge fund strategies. Any specific hedge fund may perform quite differently than the index. This index differs from Grant Park significantly in that it encompasses such a wide variety of trading styles and market sectors.

Standard & Poor’s 500 Total Return Index (S&P 500 Index): A weighted index consisting of the 500 stocks in the S&P 500 Index, which are chosen by Standard & Poor’s based on industry representation, liquidity, and stability. The stocks in the S&P 500 Index are not the 500 largest companies, rather the index is designed to capture the returns of many different sectors of the U.S, economy. The Total Return calculation includes the price-plus-gross cash dividend return.

Morgan Stanley Capital International Europe, Australasia, Far East Index (MSCI EAFE Index): A capitalization-weighted index that is designed to measure the investment returns of developed economies outside of North America. The index includes publicly traded stocks from 21 countries that are divided into industry groups, with representative stocks selected from each industry group. Cross-ownership is tracked to ensure that the market weight given each company is accurate.

Past performance is not indicative of future results. Futures trading involves a high degree of risk and is not suitable for all investors. See the related risk disclosure on page 1.

Grant Park Fund Facts  Experienced leadership  Proven results since 1989  Returns historically have low correlation to equity and bond markets  Multi-manager fund

Global Alternative Markets (Global)

Legacy

 Traditional investment accounts or advisory accounts

 Advisory Accounts

 Focused on relatively shorter trading timeframes:

 Disciplined medium- to long-term trend-following strategies:

 71% Trend Trading  29% Pattern Recognition

 91% Trend Trading  9% Pattern Recognition

Grant Park Fund At-A-Glance Product Class Account Type Minimum Investment Retirement Account Breakeven Level Redemptions Penalty FA Commissions Eligibility

Global Units

Legacy Units

2 Fee-based $5,000 $1,000 4.71% Monthly after 90 days No 0%

2 Fee-based $10,000 $1,000 5.30% Monthly after 90 days No 0%

Varies by state, but not less than $250k net worth or $70k net worth and $70k income.

Keys to Success Portfolio Benefits

Key Service Providers

 Low correlation to equities and fixed income  Global diversification  Industry-leading trading advisors

 Clearing Brokers  MF Global, Inc  Newedge, USA, LLC  UBS Securities, LLC

Operational Expertise

 OTC Counterparties  Bank of America, NA  Deutsche Bank AG  Newedge Group (UK Branch)  UBS AG

 Trading Advisors monitor trading programs  General Partner monitors Trading Advisors  Transparent daily, weekly, and monthly reporting

Administrative Excellence  One-page subscription documents  Dedicated Financial Advisor Support Team  Monthly liquidity

 Counsel  Drinker, Biddle & Reath, LLP  Vedder Price P.C.  Auditors  McGladrey & Pullen, LLP

Trading Advisors Firm

Amplitude Capital International Ltd.* Eckhardt Trading Company EMC Capital Management, Inc. Global Advisors Jersey Ltd. Graham Capital Management, LP Quantitative Investment Management, LLC

Global Legacy 



Firm

Rabar Market Research, Inc. Revolution Capital Management, LLC Sunrise Capital Partners, LLC* Transtrend B.V. Welton Investment Corporation Winton Capital Management, Ltd.

Global Legacy  



All cash is managed in a separate, segregated account at State Street Bank. *Sunrise began trading for Grant Park January 2010. Amplitude began trading for Grant Park April 2010.

Past performance is not indicative of future results. Futures trading involves a high degree of risk and is not suitable for all investors. See the related risk disclosure on page 1.

Hypothetical Performance Disclosure Prospective investors must be aware that the hypothetical analysis that follows is dependent on periods in which Grant Park outperforms other asset classes used in the portfolio. The Fund may not, however, outperform the other asset classes during any particular time period. The maximum investment permitted in Grant Park is 10% of an investor’s net worth, exclusive of home, furnishings and automobiles. Past performance is not indicative of future results. Futures trading involves a high degree of risk and is not suitable for all investors. See the related risk disclosure on page 1. All performance reported for Grant Park is for Class A units and is net of fees and expenses. HYPOTHETICAL PERFORMANCE RESULTS MAY HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS.

Portfolio Diversification and Impact on Performance

This chart contains historical trading results for the period January 1989 through December 2009, hypothetically blended assuming a quarterly rebalancing. The first series shows a portfolio comprised only of stocks and bonds, while the second series adds a 10% allocation to Grant Park Fund. Stocks are represented by the S&P 500 Index and bonds are represented by the Barclays Capital U.S. Aggregate Bond Index. Indices are unmanaged and not available for direct investment. Performance statistics reflected for Grant Park above are that of Class A Units. Class A Units are no longer available for purchase. New investors are expected to purchase Global Alternative Markets (Global) 1, 2, 3 classes or Legacy 1, 2 classes. The maximum investment permitted in Grant Park is 10% of an investor’s net worth, exclusive of home, furnishings and automobiles. The Fund should be considered as one investment within a sensible, diversified allocation to alternative investments, for investors for whom such an investment is appropriate, and should not be construed as an allocation recommendation advice for any specific investor.

Glossary The following glossary may assist prospective investors in understanding certain terms used in this presentation: Average 12-Month Return: The average (arithmetic mean) return of all rolling 12-month periods over the investment track record. This is calculated by summing all 12-month period returns and then dividing by the number of 12-month periods. This simple average does not take into account the compounding effect of investment returns. Compounded Annualized Rate of Return: This is the geometric 12-month mean that assumes the same rate of return for each 12-month period to arrive at the equivalent compound growth rate reflected in the actual return data. Correlation: This is the tendency for the returns of two assets, such as a portfolio and an index, to move together relative to their average. The measurement of this statistic (the correlation coefficient) can range from -1 (perfect negative correlation, one goes up the other down) to 1 (perfect positive correlation, both moving in the same direction). A correlation of 0 means no relationship can be found between the movement in the index and the movement in the portfolio’s performance. Drawdown: A measure of losses experienced by the composite performance record from peak (high) to valley (low). Drawdowns are measured on the basis of month-end net asset values only. Net Asset Value per Unit: This is the total net asset value of a class of units divided by the aggregate number of units of such class outstanding as of the date noted.

2-0410PSD02

626 West Jackson, Suite 600 Chicago, IL 60661 Toll Free: 866-242-4055 Phone: 312-756-4450 Fax: 312-756-4452 www.grantparkfunds.com

Sharpe Ratio: Average return, less the risk-free return, divided by the standard deviation of return. The ratio measures the relationship of reward to risk in an investment strategy. The higher the ratio, the safer the strategy. Sortino Ratio: A variation of the Sharpe ratio which differentiates harmful volatility in general by replacing standard deviation with downside deviation in the denominator. This ratio allows investors to assess a risk in a better manner than simply looking at excess returns to total volatility, since such a measure does not consider how often the price of a security rises as opposed to how often it falls. A large Sortino Ratio indicates a low risk of large losses occurring. Standard Deviation: Measures the dispersal or uncertainty in a random variable (in this case, investment returns). It measures the degree of variation of returns around the mean, or average, return. The higher the volatility of the investment returns, the higher the standard deviation will be. For this reason, standard deviation is often used as a measure of investment risk. Trading Advisor: Any person who for consideration engages in the business of advising others, either directly or indirectly, as to the value, purchase, or sale of commodity interests and who has been appointed to act as a trading advisor for Grant Park.

DCM Brokers, LLC Member FINRA/SIPC Servicing Agent 626 W. Jackson, Suite 600 Chicago, IL 60661